Abstract
<p>The theories of mainstream economics have been criticised for triggering periodic crises and fluctuations, as well as causing resource depletion and environmental degradation. Also, they are accused of worsening the problems of poverty and income distribution, while ignoring the well-being of people and social issues. The Sufficiency Economy Philosophy, bestowed by His Majesty, King Bhumibol Adulyadej, for Thai people in 1997 as a tool to cope with economic adversity, is an alternative way of viewing development. The essence of the Philosophy is that people should act with due consideration, and in moderation. The Philosophy emphasizes moral behaviour by people and society, which mainstream economic thought lacks. Incorporating such human behaviours as moderation and morality into economic decision making is sensible and yields different outcomes from the typical economic framework. Moderation serves as a tool to filter out greed and consumerist behaviour. Morality leads an individual to consider the consequence of his/her actions to others and to society. Together with the reasonableness concept implying non-excessive risk taking behaviour, under the Philosophy an economy will have reduced economic fluctuations, less likelihood of an economic crisis, and sustained quality growth. The Sufficiency Economy Philosophy will make its mark in the economic development arena as an alternative thought system that works for the people and the economy.</p>
Highlights
Conventional economic wisdom is that market mechanisms are believed to be the most efficient way of allocating resources
The Sufficiency Economy Philosophy will make its mark in the economic development arena as an alternative thought system that works for the people and the economy
This article presents the Sufficiency Economy Philosophy (SEP) as an alternative development strategy, which helps to correct the inadequacies of mainstream economic theory
Summary
Conventional economic wisdom is that market mechanisms are believed to be the most efficient way of allocating resources. In 1997, Thailand and other Asian countries suffered a major financial meltdown, referred to as the “Tom Yung Kung crisis” This was a direct consequence of reliance on the market economy, and was precipitated mainly by financial deregulation in Thailand. Microeconomic adjustments addressed the issues of poverty, population, labour, environment and health These are the Millennium Development Goals (MDGs) in 2000, the Millennium Promise in 2005 and the Sustainable Development Goals (SDGs) beyond 2015. Alternative frameworks of economic development have arisen over the years in response to the failures of the market economy. This article presents the Sufficiency Economy Philosophy (SEP) as an alternative development strategy, which helps to correct the inadequacies of mainstream economic theory. A person holding to the Sufficiency Economy mindset considers social outcomes when making a decision This results in a reduction of dissatisfaction with economic outcomes.
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